NeighborWorks celebrated the groundbreaking of a new development Friday designed to help Pueblo address its intense housing crisis by providing more than 600 affordable housing units.
The subdivision will be the first in the nation using a shared equity model, thanks to approval by federal mortgage home loan corporation Freddie Mac just last week, said Ashleigh Winans, NeighborWorks Southern Colorado chief executive officer.
As steady rain fell Friday, the program was held indoors at the Cesar Chavez Academy gym, but participants were told, “Forget the rain outside, today is a beautiful day in Pueblo,” said Heidi Gamer, NeighborWorks board president.
Participants at Friday's event were able to visit the site of the development for the shoveling of dirt to make the groundbreaking official.
The Pikes Peak Park development encompasses 74 acres in west Pueblo, located north of 24th Street, west of Wildhorse Creek and east of Pueblo Boulevard. The first phase of the subdivision encompasses 114 single-family lots.
When it is fully complete, the subdivision will not only offer permanent housing in the form of traditional homes, townhomes and apartments but also includes plans for child care, health care, a small grocery store, farmers markets, restaurants and open space trails within the walkable neighborhood.
“It will serve as a catalyst for investment and connectivity for the west side. It will offer moderate- and low-income housing for residents who are otherwise locked out of homeownership,” Winans said.
“That’s nurses, teachers, firefighters — the people who make our community run. Pikes Peak Park is the critical first step in improving the entire west side,” Winans explained.
The shared equity program will help the families living there meet equity demands they can afford on a case-by-case basis.
“They will reach a level of economic and social equity and can rest easy knowing their home payment won’t go up unexpectedly. Having ownership of a physical space in their community will make them feel safe and stable because building stable communities begins with stable homes,” Winans explained.
More West side news: Pueblo to receive $16.8 million for West Side improvements
The long road to Pikes Peak Park
Tamara Pleshek, project coordinator for Pikes Peak Park, said NeighborWorks staff have worked on the project for three years.
Mayor Nick Gradisar said at first, city staff told him, "You can’t believe what they want to do — there's no way."
"But we figured out a way, and the city is on board,” Gradisar said.